Healthcare Revenue Cycle Management (RCM) is a complicated process that includes everything from patient registration and intake through the final resolution of the bill. Although medical billing is just one step in the process, it is crucial for maintaining the financial viability of a healthcare provider medical facility. Because medical billing is intricately connected to the other parts of RCM, managing it can be daunting. For that reason, many medical providers opt to outsource their RCM to a professional RCM company. Here's what you should know about the benefits of outsourcing these tasks and best practices for getting the most from them.
The Benefits of Outsourcing RCM
Many medical facilities balk at the thought of giving up the control of their revenue management activities. They fear a loss of transparency into the processes that used to be done onsite and are worried about the additional expense. Certainly, it can be scary to turn over your financial processes to a third party. But if you choose a reputable, experienced company, the benefits can far outweigh the downsides. For example:
- Outsourcing frees up your staff for healthcare tasks.
- Experienced billers and coders can reduce errors and claim denials.
- RCM companies have access to the latest technologies.
- Helps ensure compliance with medical and government insurance regulations.
- Speeds up billing and reimbursement tasks to optimize revenue.
Best Practices for Outsourcing your RCM
The decision to outsource your RCM is difficult and not perfect for every health provider. Here are a few tips to choose the right partner and make the transition easier.
- Analyze your staffing needs, provider and patient benefits, and potential cost savings. Balance these with the expense and time of transitioning.
- Communicate with current staff about the pros and cons and ask for feedback. You want them on board with the decision.
- Choose your outsourcing partner carefully. Do their goals and beliefs match your company's core culture? How long have they been in business and how many customers do they work with? Get reviews from their customers.
- You get what you pay for. Don't go with the most expensive or the cheapest. Try to find the experience you need at a price that you can afford.
- Conduct regular meetings with medical staff and RCM company staff to identify inefficiencies and opportunities for improvement.
- Track the improvements and cost savings you achieve so you can justify your expenses.
Outsourcing your medical billing and other revenue tasks isn't right for every healthcare provider or facility. With a little due diligence, preparation, and careful implementation, it could enhance provider and patient satisfaction and give a needed boost to your revenue. For more information on medical billing, contact a professional near you.